En Vogue

A6. Our biggest challenge in Africa, right now, is that Africa did not really participate in the 2nd and 3rd industrial Revolution and as I have mentioned earlier that the 4th industrial revolution is upon us and it is affecting every sector where everything is going with technology or online but here in Africa, we are still a little bit backward in terms of upgrading technology. We are trying to fit into the 4th industrial revolution but because we are not manufacturing anything the infrastructure is too expensive for us. We sell raw materials to buy finished goods hence we end up using all our income to buy a few things. We missed at least two Industrial Revolutions hence we are trying to follow behind. As we try to catch up with what is up in the world right now some of the things change again so it is becoming a challenge to catch up.. While we missed the second and third industrial Revolution we still have opportunities to overcome these challenges through collaborations that take advantage of the global village. For example the existence of t organizations like AAYFO is helping us learn from our peers in Asia and the ties we have will yield better results in idea sharing and coming up with more innovations that can help Africa catch up quickly. AAYFO opens up opportunities for peer learning which will change the future of Africa and improve it’s it’s innovation. The future of Africa is in innovating for itself and making sure more manufacturing is done in Africa such that it becomes cheaper for Africans to use the latest technology and machinery in their projects. Another challenge which is equally big is the inability of African Governments to fund their own startups in their countries. They can’t provide funding and support hence their start up ideas remain small and contribute little or less to the growth of their economies.

Q7. How important is finding a mentor when it comes to growing your startup?

A7. Finding a mentor is very very important when one starts a business as a startup. It is actually important due to the fact that most of the time we are starting something with limited resources so we wouldn’t want to waste those resources. Doing some trial and finding errors, you want somebody who has gone through the same process, who knows the possible outcomes and errors to avoid and will guide you. A mentor will give you the right information about what you should do and to minimize your mistakes, your losses and to enable your startup to actually grow because the smallest mistake that you can make in a startup can cost you so much so when you have a mentor who is there to assist you and to give you the right advice and probably somebody who has gone through the road before, they can give you the right cushioning against some unnecessary blunders. It is not necessary that a mentor should be a person; it can be other sources too. We must believe in ourselves.

Q8. How should investors find and value startups in Africa?

A8. In terms of finding startups, it is very tricky in Africa, in that sense we definitely have to go back to the issue of global villages online where people have promising startups and business models, should go online and put their credentials letting the possible investors know their existence. Investors can browse different platforms to look for

FACE-TO-FACE

the business. On the other hand they can make calls for the start ups to come forward. It may also be important to work with local players to assist in identifying them as some still do not have access to the internet while others do not have knowledge to use the internet. In the context of covid 19 investors need not look at the current status but use the history of the individual start ups Many startups have taken a backseat. On the other hand, there is an opportunity for investors to assist these startups and value what they have done before. How they can fix their way in this crisis situation that they are in because if we are going to look at people who are doing something within the context of COVID19 we have got so many talented young people who will be left behind. Lastly, The one thing that I can say is for young people who intend to put up a startup together. It is always best to start something than nothing because young people take most of their time looking for investors when they haven’t started anything. Most investors are interested in something that is already existing and established. No matter how small your startup is you must believe in yourself then only investors when they come they can believe in your vision and the idea that you are giving out because so many people they can talk about ideas, in terms of implementing those ideas, it is a different thing altogether so it is best to start with what you have. I would give an example of myself when I started farming. I used my kitchen utensils as garden tools and now I’ve been able to buy some variant tools so it’s very important to start from where you are and start with what you have don’t wait as prolonged waiting becomes procrastination which is a recipe for failure.